Sage buys PACS Holdings

Acquisition hungry accountancy software firm Sagesoft has bought its second company in two weeks.

Sage has paid £0.75 million for London-based PACS Holdings, developer of statutory accounts production software Audit 2000.

The move will effectively develop a new vertical market business for Sage in accountancy practices, according to Graham Wylie, managing director of Sagesoft. "PACS is seen as a valuable entry point to the accountancy market and its Windows-based Audit 2000 product is one of the industry's most popular statutory accounts production software packages."

Sagesoft will make an initial payment of £0.75 million for PACS with a further consideration of up to £1.25 million over a two-year period.

Former PACS managing director Gavin May will head Sage's new dedicated accountancy business which will provide a range of software for accountants in practice.